Friday, October 27, 2006
Houses cost too much!
The ratio of house prices to income has shot up 60% since 1970, according to the Alliance Trust Research Centre. The ratio has worsened most in London, East Anglia and the South West, where it increased by 66%, 65% and 63% respectively. London is the least affordable region for today’s first time buyers. House prices in the capital are now 4.4 times income, against 2.6 times in 1970. The South East, where the ratio has climbed to 4.3 times income from 2.7 times 35 years ago, is the second least affordable region.